Tim Manni from HSH® Associates gives the weekly report for mortgage rates in his article Mortgage rates find some consistency as summer ends. This summer has brought record lows in mortgage rates, but as the summer ends rates are finding more consistency. HSH® Associates states that “Provided the economy get no worse, and there is no return of financial panic, mortgage rates don’t really have much place to go.” The HSH® Associates website maintains a mortgage monitor that includes rates for the majority of the mortgage borrowing public. HSH® Associates’ Fixed-Rate Mortgage Indicator (FRMI) reported that last week the average rate fell three points to 4.75%, the fifteen-year fixed rate mortgage reported 4.21%, and the hybrid adjustable rate mortgage came to 3.75% for the initial interest rate.
With mortgage rates beginning to steady, this brings high hopes of leaving the economic troubles of the summer behind. The Federal Reserve is scheduled to meet this week to deliberate future plans for the nation’s monetary policy. Housing market conditions have struggled since the homebuyers tax credit expired, but marketers are hopeful for another homebuyer tax credit in the future.
For those intending to buy a new home, now is the time to secure a low mortgage rate! Visit HSH® Associates for more information about mortgage rates and smart investing.
Photo Credit: Home Mortgage Rates